Telefonica is selling its Argentine subsidiary to Telecom Argentina for $1.2 billion as part of its strategy to reduce its presence in Latin America. The sale has triggered a government investigation into competition issues, reflecting the complexities of the telecommunications market.

Spanish telecommunications leader Telefonica has made the strategic move to sell its Argentine subsidiary to Telecom Argentina for approximately $1.2 billion. This acquisition is executed by Telecom Argentina, which is under the ownership of the media conglomerate Clarin Group. Telefonica emphasized that this transaction aligns with its broader strategy to gradually decrease its market presence in Latin American countries.

In summary, Telefonica’s sale of its Argentine subsidiary signifies a significant step towards reducing its footprint in Latin America. The Argentine government’s scrutiny of the transaction reflects ongoing concerns over market competition and potential monopolistic practices. This development highlights the dynamic nature of telecommunications markets in the region and the complexities of regulatory oversight.

Original Source: www.djournal.com